Terms for describing and quantifying uncertainty in economic evaluations and for valuing further research.
Expected net benefit of sampling is the expected population value of the decision improvement produced by a proposed sample, minus the financial and opportunity costs of obtaining that evidence.
The maximum value of completely resolving uncertainty in a specific subset of a model's parameters, while other parameters remain uncertain.
Expected value of perfect information is the expected increase in net benefit from eliminating all decision-relevant uncertainty before choosing among the available strategies.
Expected value of sample information is the expected increase in the value of a decision when a specified study’s possible data can update uncertainty before a strategy is chosen.
A structured process for obtaining quantitative judgements from subject matter experts on uncertain quantities when direct empirical data are unavailable.